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Corporative Bank of Oromia S.C. (CBO) deposit rose by 1.3 billion birr in the first half year period of the 2014/15 fiscal year with the bank’s deposit reaching 6.73 billion birr.
The bank strives to earn half a billion birr profit before tax at the end of the 2014/2015 fiscal year and it achieved 32.9 percent of the desired plan in the first half of the budget year.
Data released by the Bank shows that a loan of 1.2 billion birr was given to customers in the last six months alone.
Wondimagegnehu Negera, President of Cooperative Bank of Oromia said in a statement, “the bank semi-annual good performance is expected to sustain its growth momentum against the backdrop of a stable macro-economic environment.”
“We have to be aware that the decline of oil price and the increase in coffee price will give special force to do more work in the financial sector,” Wondimagegnehu remarked.
The bank opened 19 branches in the stated period increasing its service outlets to 125 which are dispersed across the country.
The bank will also begin giving ATM and POS services in a short time.
Last year, CBO made a net profit of 475.85 million which was the third magnificent record in its history.
CBO has a registered capital of Birr 300 million. It started operation on 8th March 2005, with paid up share capital of birr 112 million.